BusinessNews

CBE Tower: Ethiopia’s Tallest Building to Be inaugurated Sunday

ADDIS ABABA – The State-run Commercial Bank of Ethiopia will officially inaugurate its new headquarter and Ethiopia’s tallest building on Sunday.



The inauguration of the 48-storey will take place on the day the bank celebrates its 80 year diamond anniversary, declared president of the Bank Abie Sano on Tuesday.

Built at a cost of $303.5 million on 150,000sqm land in Addis Ababa, the tallest building in East Africa with a length of 209-meter was completed last month.

China’s construction firm CSCEC took 5 year and 11 months to complete its construction after signing a deal with the richest commercial Bank of Ethiopia in April 2015.

The construction process has resulted in a significant knowledge and technology transfer in the sector, said Abe, adding that its facilities would bring in multisectoral benefits to the Bank.



Commercial Bank of Ethiopia was established in 1942 with a capital of one million Maria Theresa thaler (MTT) and two branches Addis Ababa.

Currently, the bank a network of 1,800 branches, employing at least 40,000 permanent workers and serving over 31.4 million customers across the country. Its total assets are worth 1.1 trillion Birr, making the bank Ethiopia’s richest entity.

“The modern headquarters to be inaugurated on the day of the 80th anniversary is a part of CBE’s ambition to raise the quality of its service to international standards,” Abie said, describing the skyscraper, also known as CBE Tower, befitting the city that prides itself as diplomatic seat of Africa.